The Moulton Sarasota Real Estate Report – January 2019

Sales Activity Shrinks Again

For a second month in a row the Sarasota Real Estate Market saw a dip in number of transactions. For those that read my report last month, much of the same applies – there were several newly built luxury condominium projects that were completed in the late fall 2017 and early winter 2018. The closings and buyer move-ins occurred mostly through the first quarter of 2018. January 2018 condominium sales grew by more than 60% over prior year. For condos over $1 million in price there were 35 units sold in January 2018 compared to this year’s 11, which is more typical of this month’s activity in past years.

When reviewing total dollar volume of transactions in January, single-family sales was nearly equal to last year, while condominium sales volume fell by 50% this year. I see this as more evidence of the effect that the new buildings had on the overall market. With a number of new luxury condominiums already under construction, I expect this same upshot when the time comes to occupy them over the next two-three years.

The Sarasota Real Estate Market has maintained a healthy price appreciation, though it is showing signs of deceleration. The softening of price appreciation is most likely a result of the activity in new listings. Inventory is nearing the theoretical balanced market when neither buyers or sellers are favored, which is encouraging sellers to take a closer (and more realistic) look at comps to price their properties to sell.

In reviewing our regional, state and national real estate market reports, it is my opinion that the Sarasota Real Estate Market remains extremely well positioned to continue a steady growth trajectory through the year ahead. I have seen incredible growth in buyer interest so far this season, and believe that with consumer confidence remaining high, increased demand from states being affected adversely by the new taxation policies, interest rates staying low, and a stabilized market locally are all reasons to be optimistic.

And now for my statistical report on the January Sarasota Real Estate Market activity:

Sales

Total Sarasota Real Estate Market dollar volume of $264.7 million in January decreased by $82.9 million from the same month a month ago, a 24% decrease.

Broken down, single-family sales were $189.7 million and condominium sales were $75 million.

The number of properties sold in January was 678 which was 177 less than a year ago, a 21% decrease The sales total includes 460 houses and 218 condos.

U.S. pending sales have fallen the last 12 months, in January down 2.3% compared to prior year.

For 2018 the monthly average for pending sales was 1,031.

Prices

In January, Sarasota’s single-family homes were sold at a median price of $286,600, an increase of nearly 4%. The 2018 monthly median price for houses sold was $281,662.

In January, Florida median price for single-family homes was $249,900 a 4.1% increase over last year.

The national median price for existing homes grew by 3.1% to $249,400.

The condominium median sale price was $240,000 in January, nearly equal to last year. The 2018 monthly median average was $230,989.

Median price for a Florida condo last month was $182,500, a 2.8% increase over January 2018.

U.S. median condo price was up nearly equal to last January, $233,000.

Houses sold for $412,457 in January and the monthly average sale price for houses sold in 2018 was $384,110.

Condominiums sold for an average price in January of $344,209. The condominium monthly average sale price sold in 2018 was $355,047.

Inventory

Currently there is available inventory of 5,612 properties for sale in Sarasota County. There were 5,401 at the end of 2018 and 4,401 at the end of 2017. We are heading towards a buyer’s market with the rising inventory. This will give buyers more choices and puts pressure on a seller to be conscious of not overpricing their property relative to market values.

Of the available inventory for sale, 696 properties are listed for over $1 million or only 12%. 516 of the active listings over $1,000,000 are houses and 180 are condominiums. Based on the past months 40 sales over $1 million this amounts to 17 months of inventory.

Sarasota County had 1,926 new listed properties in December, a significantly higher number than any month in the past couple years. The local market averaged 1,289 new listings in 2018. Of the new listings the past month 156 properties were listed over $1,000,000.

Current inventory results in 5.4 months of single-family homes for sale and 6.1 month’s supply of condominiums. Each month lately has seen this number close in on becoming a balanced market, favoring neither buyers or sellers.

Florida currently has 4.3 months of single-family inventory and 6.3 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased more than 9% over last year.

U.S. inventory of all housing types is sitting at 3.9 months of supply.

In today’s somewhat confusing and often volatile economic environment it is easy to become a bit anxious. Having served clients in The Sarasota Real Estate Market for more than 37 years and carefully watching and examining business conditions, I have developed essential insight to aid both buyers and sellers in achieving their objectives in today’s shifting real estate market.

The value of partnering with a highly experienced, locally as well as globally connected agent/broker, and a skilled negotiator and advocate cannot be understated. I look forward to working with you, your family and friends in achieving your goals in acquiring or selling your property.

The Moulton Sarasota Real Estate Report – May 2018

Sarasota Housing Market Maintains Momentum

In reviewing the May Sarasota Real Estate Market data, though traditionally a “softer” sales season, momentum of sales, increase in prices and tightening of inventory appears to be carrying on its spring season patterns. The continued growth in median prices has brought total sales volume up nearly 10% for single-family homes and almost 8% in the condominium segment.

Pending sales also pushed forward indicating that our June and July sales activity may also exceed last year’s transaction pace. Recent surveys indicated consumer confidence continues to rise, further fueling the demand for buying a home, and ultimately helping to keep our all-important regional economic engines of real estate and construction on the upward trend.

Analyses of the homebuilder market also reflects their confidence in the market’s demand and ability to absorb new homes and multi-family development. However, costs of lumber and steel, and the ever-present scarcity of skilled workers, worries builders that they may not be able to maintain pricing and pace of construction to meet demand for new homes.

In the Sarasota luxury market, over $1 million listing price, single-family home sales were 26.7% higher than May 2017 and condos saw growth of 17.6%. Inventory has fallen 10.2% and 9.4% respectively, bringing this tier a little closer to a balanced market, and hopefully toward reducing the length of time these prized properties take to find a buyer.

Looking at the whole of The Sarasota Real Estate Market and comparing to national and state data, the following are some of the key points that I assimilated from the many resources I review on a monthly basis:

Sales

Total Sarasota Real Estate Market dollar volume of $467.5 million in May increased by $39.3 million from the prior year, and increased $2.2 million from April.

Broken down, single-family sales were $312.5 million and condominium sales were $155 million.

Single family sales increased $28.2 million or 10% compared to the prior year, and condo sales were up $11.1 million or 7.7% from the prior year. A very healthy status of the market.

The number of properties sold in May including both single family and condominiums was 1,272, which was 72 more than April and 25 more than a year ago. The sales total included 820 houses and 452 condos.

The 2018 monthly year-to-date average for sold properties is 1,086 whereas the 2017 monthly average was 978 and in 2016 the monthly average was 952.

Of the closed sales in Sarasota last month 58 were for over $1,000,000 or 4.6% of total sales, 38 were houses and 20 were condominiums.

All cash sales in Sarasota continue to be strong with 36% of single-family and 56% of condo sales closed without a mortgage. By comparison, national all cash transactions were around 20% of total sales.

Total pending sales of 1,134 properties that went under contract during May increased by 31 transactions from the same month last year.

Florida’s single-family pending sales fell 0.1% and condos grew 2.2%.

National pending sales fell 2.2% year-over-year.

For the first five months of 2018 we have averaged 1,232 pending contracts signed. The monthly average of new pending sales in the Sarasota Real Estate Market in 2017 was 1,043 and in 2016 it was 1,005. This trend is important to watch as it tends to forecast sales activity in the 30-90 days ahead.

Prices

In May, Sarasota’s single-family homes were sold at a median price of $280,750 vs. $260,000 a year ago, an 8% increase. The 2017 monthly median price average for houses sold in Sarasota was $267,043 and in 2016 $249,943.

In May, Florida median price for single-family homes was $255,000, a 6.7% increase over last year.

The national median price for existing homes grew by 5.2% to $267,500.

The condominium median sale price was $234,675 in May vs. $225,700 a year ago.

The 2017 monthly condominium median average was $225,585 vs. $208,539 in 2016.

Median price for a Florida condo last month was $188,688 a 6% increase over May 2017.

U.S. median condo price grew 2.5% in May to $244,100.

The average sale price for houses sold in Sarasota was $381,076 in May vs. $345,835 a year ago. The past year’s monthly average price for houses sold was $370,708 vs. $346,232 in 2016.

Sarasota’s condominiums sold for an average price in May of $342,853 vs. $338,511 a year ago. The 2017 monthly average price for sold condominiums is $362,378 vs. $325,802 in 2016.

Of the available inventory for sale 570 properties are listed for over $1 million or only 12.8%.

Overall properties sold for at 95% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

Currently there is available inventory of 4,444 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.

Total available inventory in the Sarasota Real Estate Market has increased by 155 properties from April, 155 less properties than in May 2017 and basically even with the end of 2017.

The Realtor Association of Sarasota-Manatee reports that there are 4.2 months of single-family homes inventory and 4.8 month’s supply of condominiums, both under the 6-month level considered a balanced market, and indicating that we are still in a seller’s market.

Florida currently has 4.0 months of single-family inventory, close to the same as last year, and 5.7 months of condominiums, which is 5% below prior year levels.

U.S. inventory of all housing types is sitting at just 4.0 months of supply.

Sarasota County had 1,176 new listed properties in May. The local market averaged 1,147 new listings per month in 2017 and in 2016 it was 1,005.

Of the total new listings the past month, 72 properties were listed over $1,000,000 or only 6%.

Based on my analysis of the Sarasota Real Estate Market conditions, it appears to me that with the sales and price growth, narrowing of the gap between a buyer and seller’s market, and the consistent addition of new construction, the summer will see the momentum of market growth continue.

Having assisted clients in the region for more than 35 years, I have the knowledge and experience to guide my customers through the labyrinth of searching for or marketing and selling a property in a relaxed and rewarding manner.

As always, I look forward to serving you, your family and friends with their real estate needs.

Moulton Real Estate Market Update – Sarasota Luxury Market Report

Coming close on the heels of my last Sarasota Real Estate Report, which highlighted the luxury housing market in our region, I thought my readers would find the newest Luxury Defined report from Christie’s International Real Estate. Christie’s has been a longtime affiliate of Michael Saunders & Company, and as a Broker/Associate with Michael Saunders & Company and expert in Sarasota and Longboat Luxury properties, it provides the privilege of partnership with the world’s leading luxury residential network. With 140 affiliated brokerages in 49 countries, Christie’s allows my listings to have an extended reach through the most prestigious luxury global real estate agents. Along with the marketing benefits, I also have access to exclusive market intelligence and global trends gleaned from 27,000 agents in 940 individual offices located in the luxury markets around the world.

Prime residential real estate continues to be very attractive for the world’s wealthiest individuals. And even with today’s geopolitical instability, regulations, and other forces, luxury property markets still have a strong future outlook.

Within the research conducted was a listing of the top five “Hottest” markets for second homes. Given the global nature of the report, even I was a bit surprised to see Sarasota, FL listed at #3 globally! We were behind Santa Fe, NM and Muskoka, Ontario, and ahead of Sun Valley, ID and the Bahamas. On page 19 of the report, you will find a list of average real estate prices in secondary home markets. Seeing Sarasota side-by-side with cities that I hear my clients talk about as alternatives – Naples, Jupiter Island, Palm Beach and others – shows the relative “affordability” of the Sarasota Real Estate Market.

As my luxury clients have heard from me, savvy buyers are well informed on pricing, and with a great deal of new luxury product coming to market, getting the pricing on a listing right is the name of the game. In the Luxury Defined report, Michael Saunders is quoted as saying, “Price was the name of the game in 2017, and luxury homes sold in record numbers after homeowners adjusted their prices. The median sales price declined nearly three percent in the upper-end, and original list-to-sell price ratios were as high as 85 percent. Once prices were adjusted, list-to-sell price ratios shrunk to 98 percent—a significant swing.”

I am pleased to offer the subscribers of my Moulton Sarasota Real Estate Report exclusive access to Christie’s just released 2018 Luxury Definedreport – “An insight into the Luxury Residential Property Market.” I am sure you will find it extraordinarily thought-provoking, filled with fascinating information on global markets, and just a few facts that will confirm that Sarasota is indeed one of the most special of places on the planet to live, work and play!

Many thanks to Michael Saunders for realizing the importance of these prized affiliations and for bringing this community into the global spotlight through Christie’s International Real Estate.

Sarasota Real Estate Market’s Spirited Spring Selling Season

The Moulton Sarasota Real Estate Report – February 2018

Sarasota Real Estate Market’s Spirited Start to Spring Selling Season

After strong pending sales in the Sarasota Real Estate Market in January, it came as little surprise that February activity was robust. Sales continued to escalate over prior year posting particularly strong numbers in the $1 million+ tier, where most of my business occurs. The sales at this level tend to be low in numbers of transactions, nevertheless, the super-luxury condominiums just completed and ready for occupancy in several new downtown projects once again not only lifted numbers of units sold, but also contributed to total dollar volume of the condo market growing by more than 61% over prior year.

Across the rest of the U.S., sales in February were not nearly as spirited. Experts are leaning towards blaming it on an unseasonably cold January causing growth to flatten, especially in the Northeast and Midwest regions. It is likely that sales reports in the next few months on the national stage may stay restrained as a result of the major late-winter storms all across the nation.

Inventory of all types of units in The Sarasota Real Estate Market contracted a bit, and was especially noticeable in the luxury market where there are now 10.2% fewer million dollar homes and 30.6% less condos available. Granted, there are still almost 500 homes priced over $1 million and 134 condos, but the narrowing of supply here is good news for sellers who have seen long listing to sale periods. Recent changes in inventory are beginning to shorten the timing for a transaction to close.

February’s pending sales once again were well ahead of this time last year, setting us up for another month or two of excellent closing activity ahead, especially in the condominium market where pending sales grew more than 21% over prior year.

Homebuilders here and around the country are lamenting scarcity of buildable lots (regulations and lack of infrastructure two key issues), rising building costs (product, labor and municipality fees), and most importantly, a persistent shortage of qualified labor as key causes of not being able to keep up with new home demand. For the first two months of 2018 Sarasota’s builders have pulled 31% fewer new single-family home permits. The multi-family market is not seeing the same declines, but with demand staying strong for new homes, especially in the moderate price points, we will keep seeing increases in prices as inventory of new homes remains limited.

In reviewing local, state and national market statistics and analyst reports, the following are some of the highlights of the data:

Sales

Total Sarasota Real Estate Market dollar volume of $358.6 million in February increased $75.4 million from prior year, and increased $11 million over the prior month.

Broken down, single-family dollar volume increased 12% compared to prior year and condo sales dollar volume was up 62%, fueled by another month of new construction condo closings.

The number of properties sold in February including both single family and condominiums was 884, which was 29 more than January and 90 more than a year ago, representing a 11% overall growth in number of closings in the month over last February.

The 2017 monthly average of total sales in Sarasota was 978 and in 2016 the monthly average was 952.

The majority of my sales occur in the $1 million and above category, so I watch this tier closely. Of the closed sales in Sarasota last month 62 were for over $1,000,000 or 7% of total sales – 34 were houses and 28 were condominiums. This represented 63% more sales over $1 million compared to the same month in 2017.

Florida’s $1 million sales were 3.1% of total sales.

All cash sales in Sarasota continue to be strong with 46% of single-family and 65% of condo sales closed without a mortgage. By comparison, national all cash transactions were 24% of total sales.

Total pending sales of 1,271 properties that went under contract during February increased by 108 from the same month last year, a 9% increase, with homes showing a 3.5% increase and condominiums up 21% from prior year.

The monthly average of new pending sales in the Sarasota Real Estate Market in 2017 was 1,043 vs. 1,005 in 2016. For the first two months of 2018 we have averaged 1,257 pending contracts signed.

Prices

In February, Sarasota’s single-family homes were sold at a median price of $272,500 vs. $257,500 a year ago, 6% higher.

The 2017 monthly median price average for houses sold in Sarasota was $267,043 and $249,943 in 2016.

Florida median price for single-family homes was $246,500, a 9.6% increase over last year.

The national median price for existing homes grew by 5.9% to $243,400.

Condominium median sale price was $219,000 in February vs. $230,900 in February 2017.

The 2017 monthly condominium median average is $225,585 vs. $208,539 in 2016.

Median price for a Florida condo last month was $179,500 a 7.2% increase over February 2017.

S. median condo price grew 5.7% in February to $227,300.

The average sale price for houses in Sarasota was $398,148 in February vs. $389,011 a year ago.

The past year’s monthly average price for houses sold was $370,708 vs. $346,232 in 2016.

Sarasota’s condominiums sold for an average price in February of $419,299 vs. $296,029 a year ago, likely attributable to the recently completed new luxury buildings in downtown.

The 2017 monthly average price for sold condominiums is $362,378 vs. $325,802 in 2016.

Single-family homes sold at 95.5% of list price, and condominiums sold at 95% of the list price. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

Total available inventory in the Sarasota Real Estate Market has increased by 213 listed properties from January, but has 169 less properties than in February 2017 and 614 more than the end of 2017.

Currently there is available inventory of 5,105 properties for sale, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.

The Realtor Association of Sarasota-Manatee reports that there are 4.7 months of single-family homes inventory and 5.7 month’s supply of condominiums, both under the 6-month level considered a balanced market.

Florida currently has 3.9 months of single-family inventory and 5.9 months of condominiums.

S. inventory of single-family homes is at 3.4 months and condos reportedly at 3.7 months.

Sarasota County had 1,613 new listed properties in February, averaged 1,147 new listings per month in 2017, and in 2016 it was 1,005.

Of the total new listings the past month, 134 properties or 8% were listed over $1,000,000.

380 or 23% of the new listings the past month were listed for between $400,000 and $600,000.

There is some concern that rising interest rates may slow sales and result in lower prices, but historically that has not been the case. In the graph to the right, Keeping Current Matters analyzed Freddie Mac data and found that in the last six times interest rates rose more than 1%, the results were actually very different than we would think intuitively.

Actually, the laws of supply and demand far outweigh small increases in interest rates. As I wrote in last month’s report, interest rates have been above 5% for 38 of the last 46 years, so I see no need to panic as we slowly move towards the 5% rate expected by early 2019.

Market analysts are expecting overall sales to increase 4.8% in 2018 and prices to grow 5%, though in The Sarasota Real Estate Market I see exceeding these projections due to the vigorous development of new homes and multi-family projects along with the strong demand. For nearly 10 years this region saw only minimal new construction. Today’s robust building activity around the region is not able to catch up with the scarcity of development since the market collapse in 2008. There is still room to add new product based on builder reports on buyer traffic at their new development and, as long as demand outpaces supply we will see increased growth in prices.

With the region’s strong jobs market, rising wages and household wealth, attractiveness to buyers from communities around the country that are suffering from unfavorable tax conditions, our strong appeal to the international home buyer market, and the many quality of life benefits that Sarasota offers, I believe that our housing market will continue its spirited activity in the months ahead.

If you have been considering listing your property, I cannot tell you how strongly I feel that entering the marketplace at this time of year is most advantageous in that you’re capturing the greatest number of eyes during peak season.

At the same time, if you are a buyer, with prices expected to maintain a healthy pace of appreciation, interest rates set to increase and inventories anticipated to grow only gradually, now is a prime time to select something from the beautiful properties we currently have available in the region.

Seller or buyer, I am eager to assist you in achieving your desired outcomes! Don’t hesitate to call to share your goals and I will help you to determine the best plan for your unique needs.

Sarasota, FL Real Estate Market was Jumpin’ in January 2018

The Moulton Sarasota Real Estate Report – January 2018

Sarasota Real Estate Market was Jumpin’ in January!

While the rest of the country saw fewer sales in January, moderate price escalation and not much movement in inventory, The Sarasota Real Estate Market was jumping with activity. A very active December that had strong pending contracts ready in the hopper, resulted in another positive month for our region with total sales rising more than 18% from last January. The U.S. on the other hand saw the largest dip in sales, 4.8% compared to prior year, in more than three years according to the National Association of Realtors.

The Sarasota Real Estate Market once again also recorded a more than 12% increase in pending contracts signed in January compared to prior year, compared to a statewide increase of only 2%. Nationally, pending sales experienced a considerable drop of 3.8% compared to January 2017. Market experts believe the decline may have been related to severe cold in northern markets last month.

As my subscribers know, monitoring pending contracts is one of the best ways to forecast sales in the month or two ahead. There has been a great deal of product under construction, especially in the Sarasota city core, so I believe the upward trend will continue for several more months before tapering off. And based on my own buyer activity, I am confident these new offerings in the Sarasota Real Estate Market will have plenty of qualified purchasers to absorb the new inventory.

Home builder confidence remains very high in the Sarasota Real Estate Market and nationally. With substantial new building activity, it is expected that sales nationally will begin to return to a growth pattern. In fact, 2017’s new home permits in the U.S. increased 9.7% over 2016, Florida’s new single-family home permits grew 12.9%, and the Sarasota County Economic Report indicated that in 2017 building permits increased 23%.

Inventory in the Sarasota Real Estate Market and across the U.S. remains tight in the lower price points, which is affecting overall growth in sales. However, in the upper and luxury price ranges – above $600,000 – inventory is stable with new listings in premier locations and in excellent condition coming to market at a steady pace this season. With active buyers in the marketplace seeking luxury and ultra-luxury properties (above $1 million), where most of my transactions occur, business is strong and we are beginning to see shortening of list to sale periods, narrower negotiations on price and more showing activity on prime properties.

The Sarasota Real Estate Market continues to have a large number of transactions closed without a mortgage. Compared to national all-cash sales of 22% of total, our region hit 50% in January. Most of this is at the luxury end of the market where buyers have seen considerable growth in personal wealth in both home equity and stock and bond market gains, providing them the advantage of being able to move to closing on their prized property more quickly.

Following are local, regional and national statistics for January 2018:

Sales:

Total Sarasota Real Estate Market dollar volume of $347.6 million in January increased $71.5 million from prior year and increased $48.9 million over the prior month of December 2017. This Increase is mainly attributable to significant new condominium construction completions and closings in January.

Broken down, single-family dollar volume increased 13% compared to prior year and condo sales dollar volume was up 64% mainly due to the closings of sales of the new condominium projects.

The number of properties sold in January including both single family and condominiums was 855 which was 121 less than December and 133 more than a year ago, representing a 18% overall growth in number of closings in the month over last January.

The 2017 monthly average of total sales was 978 and in 2016 the monthly average was 952.

The majority of my sales occur in the $1 million and above category, so I watch this tier closely. Of the total closed sales in Sarasota last month 57 were for over $1,000,000 or 9%, 22 were houses and 35 were condominiums.

Florida’s $1 million sales were 3.5% of total sales.

Sales of over $1 million nationally represented only 2.5% of the market.

All cash sales in Sarasota continue to be strong with 43% of single-family and 60% of condo sales closed without a mortgage. By comparison, national all cash transactions were 22% of total sales.

Total pending sales of 1,243 properties that went under contract during January increased by 135 from the same month last year, a 12% increase, with homes showing a 4.7% increase and condominiums up a remarkable 27% from prior year.

U.S. pended sales for all housing types fell by 3.8% compared to prior year.

Florida’s total pending sales grew just 2% higher over last year.

The monthly average of new pending sales in the Sarasota Real Estate Market in 2017 was 1,043 vs. 1,005 in 2016.

Prices:

In January, Sarasota’s single-family homes were sold at a median price of $275,900 vs. $250,000 a year ago, 10.6% higher.

The 2017 monthly median price average for houses sold in Sarasota was $267,043 and $249,943 in 2016.

Florida median price for single-family homes was $240,000, a 9% increase over last year.

The national median price for existing homes grew by 5.7% to $241,700.

Condominium median sale price was $238,000 in January vs. $239,900 in January 2017.

The 2017 monthly condominium median average is $225,585 vs. $208,539 in 2016.

Median price for a Florida condo last month was $179,900 an 11.7% increase over January 2016.

U.S. median condo price grew 7.1% in January to $231,600.

The average sale price for houses in Sarasota was $365,593 in January vs. $352,507 a year ago.

The past year’s monthly average price for houses sold was $370,708 vs. $346,232 in 2016.

Sarasota’s condominiums sold for an average price in January of $484,342 vs. $321,329 a year ago.

The 2017 monthly average price for sold condominiums is $362,378 vs. $325,802 in 2016.

Single-family homes sold at 95% of list price, and condominiums sold at 96.3% of the list price. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory:

Total available inventory in the Sarasota Real Estate Market has increased by 401 listed properties from December, but has 246 less properties than in January 2017.

Currently there is available inventory of 4,802 properties for sale, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.

The Realtor Association of Sarasota-Manatee reports that there are 4.5 months of single-family homes inventory and 5.5 month’s supply of condominiums, both under the 6-month level considered a balanced market.

Florida currently has 3.9 months of single-family inventory and 5.9 months of condominiums.

U.S. inventory of all housing types is reported to be at 3.4 months.

Sarasota County had 1,790 new listed properties in January and averaged 1,147 new listings per month in 2017 and in 2016 it was 1,005.

Of the total new listings the past month 144 properties or 8% were listed over $1,000,000.

456 or 25% of the new listings the past month were listed for between $400,000 and $600,000.

1,190 or 67% of the month’s new listings were listed for under $400,000.

A recent report from The Conference Board stated that consumer confidence in February was the highest that it has been since February 2000. Despite the recent fluctuations in the stock market, Americans believe the strong jobs market and encouraging business climate will allow their personal wealth to grow this year.

With January’s 30-year conventional fixed rate mortgage rate of 4.03%, mortgage rates are still at historically low levels and many buyers continue to take advantage of the favorable conditions. Though rate increases are expected in 2018, economists are projecting only a modest increase of up to 5% by year-end. For comparison’s sake, mortgage rates have been above 5% for 38 of the last 46 years.

The Sarasota Real Estate Market has a nearly balanced market favoring neither a buyers or sellers, high-quality new homes and condominiums are being completed and available for occupancy, attractive and well located existing inventory is coming to market, there is strong household equity growth and moderate increases in interest rates, there is room to increase sales and median prices and inventory to continue the sustained growth that our market has seen these last few years.

Based on my reading of the Sarasota Real Estate Market conditions, as well as the general confidence of U.S. consumers, I continue to believe that the region will maintain its positive momentum and activity will be “jumpin’” for the months ahead.

October’s Sarasota Real Estate Market and most of Florida recovered from the remaining effects of September’s Hurricane Irma. Most notable were the growth of new pending contracts written in the month and inventory added. Both areas that had experienced significant declines in September.

New contracts signed for all property types in Sarasota were more than 50% higher than September. New listings rose nearly 90% when compared to September.

As I wrote about in last month’s Sarasota Real Estate Report, sales lagged in September both as a result of the storm disruption, as well as it being a naturally slow time in our market here. Total sales in October were more than 11% higher than they were in September.

I have seen no lingering negative effects of September’s business interruption and feel confident that our region has returned to “normal.” This past month saw exceptional activity in buyer interest and homeowners seeking to list their properties, and with reported high consumer confidence in the economy, I believe that in the months ahead the Sarasota Real Estate Market will continue its upward track.

Home builder confidence as reported by the National Homebuilder Association was at its second highest level since July of 2005. A variety of financial industry and government reports released these last few weeks have shown that consumers believe that the country’s steady job growth, wage increases, continuing historically low interest rates, and especially gains in home equity will allow the housing market to continue its positive path.

One of the challenges that will keep the growth in our area on a slightly less robust sales pace when compared to prior year is undersupply of properties in certain popular locations, and most especially in specific price points such as single-family homes priced under $250,000 and condominiums over $600,000. Both categories have seen little growth in available properties for sale.

On the other hand, as noted earlier, home builder confidence remains strong, and as long as issues of limited workforce and rising prices for construction materials do not become even greater burdens than they are now, experts are projecting the delivery of new homes to market to remain strong.

The Sarasota County Office of Financial Management has reported that permits for new homes have grown 12.7% year-to-date compared to 2016. These new homes are helping our region maintain stability, as it allows for current homeowners who have enjoyed home equity growth to trade-up to a new home. In turn, additional existing homes will be added to our available inventory. Many would-be homeowners had been holding back on buying a new home due to concern they may not find something suitable.

Looking at the whole of The Sarasota Real Estate Market and comparing to national and state data, the following are some of the key points that I assimilated from the many resources I review monthly.

Sales:

Total dollar volume of $314.2 million in October increased $45.4 million from prior year and increased $51.6 million over the prior month.

Single-family home sales in October of 611 were 19 more than a year ago and increased by 82 sales from September.

Florida’s single-family sales rose 2% compared to last year.

U.S. sales were 1% below prior year.

Total number of condominium sold of 243 in Sarasota in October was 33 lower than a year ago, and increased by only 3 sold properties from the prior month.

Florida condo sales were 2.2% greater than October 2016.

Condo sales nationally were virtually equal to the same month last year.

The 2017 monthly average of single family sales is 672 vs last year the monthly average was 664, a similar monthly pace. For condos, the average monthly sales are 317 vs. 305 in 2016.

All cash sales in Sarasota continue to be strong with 37% of single-family and 52% of condo sales closed without a mortgage. This percentage consistently exceeds Florida and national cash sales trends.

Pending sales of 646 homes that went under contract during October increased by 19 from the same month last year.

Condominium pending sales were down by 31 sales going under contract in October compared to prior year.

U.S. pended sales for all housing types fell .6% compared to prior year.

Florida’s total pending sales were 11% higher than last year.

The monthly average of pending sales this year is 672 for houses vs. 664 in 2016, and 317 for condos vs. 305 in 2016.

Prices:

In October, Sarasota’s single-family homes were sold at a median price of $279,000 vs. $236,313 a year ago, 18% higher.

Florida median price for single-family homes was $235,558, a 7.1% increase over last year.

The national median price for homes grew by 5.4% to $248,300.

The median price in October for a NEW home in the U.S. was $312,800.

The 2017 monthly median price average for houses sold in Sarasota was $264,452 vs. $249,943 last year.

Condominium median sale price was $224.000 in October and the 2017 monthly average is $221,702 vs. $208,539 in 2016.

Median price for a Florida condo last month was $170,000 an 5.2% increase over October 2016.

U.S. median condo price grew 6.9% in October to $236,800.

The average sale price for houses in Sarasota was $381,268 in October vs. $319,350 a year ago.

U.S. average sale price for a NEW home topped $400,000 in October.

The year’s monthly average price for houses sold is $365,153 vs. $346,232 last year.

Sarasota’s condominiums sold for an average price in October of $314,206 vs. $290,697 a year ago.

The 2017 monthly average price for sold condominiums is $337,517 vs. $325,802 last year.

Single-family homes sold at 95.4% of list price, and condominiums sold at 95.1% of the list price. The year to date average for all properties sold is 94.7%.

Inventory:

Total available inventory in the Sarasota Real Estate Market has increased by 235 listed properties from September, as there typically is an increase as fall approaches, and as a result of come delayed listings from the September storm.

Since January 1, 2017, inventory has fallen by 536 properties or 12%.

The Realtor Association of Sarasota-Manatee reports that there are 3.9 months of single-family homes inventory and 4.9 month’s supply of condominiums, both under the 6-month level considered a balanced market.

Florida currently has 3.8 months of single-family inventory and 5.6 months of condominiums.

U.S. inventory of all housing types is reported to be at 3.9 months, 10.4% less than a year ago.

Sarasota County is averaging 1,241 new listings per month and in 2016 it was 1,259.

Currently there is available inventory of 4,059 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.

A bright spot in the Sarasota Real Estate Market is the attractiveness of our region to international buyers. Michael Saunders & Company has forged extraordinary partnerships with the world’s leading luxury real estate consortiums, and those relationships will continue to benefit our clients.

A recent report from the Florida Association of Realtors stated that Florida is the #1 state in the country for foreign investment in real estate. 21% of all Florida’s residential sales in the last year were to foreign buyers, compared to just 10% of sales nationally. The median price paid by international buyers is 18% above that paid by US buyers, and 72% of all foreign purchases were all cash transactions.

Canada continues to be the Sarasota Real Estate Market’s primary source of international buyers. With the Canadian dollar stabilizing against the US dollar, and skyrocketing average prices for real estate in our key feeder cities in Canada compared to our modest price growth, I am of the belief our friends to the north will remain active in our market.

The U.K., our other top feeder market, has faced considerable economic change this past year. Despite the potential challenges ahead, experts believe that the thirst for properties in Florida will keep investment in Florida strong in the year ahead.

The Sarasota Real Estate Market is positioned well for an active peak season and I eagerly look forward to assisting clients either looking to list or purchase a prized property refine their goals and achieve their objectives!

Wishing all my subscribers the happiest of holiday seasons!

This Month’s Featured Listings

Moulton Sarasota Real Estate Market Report – September 2017

Hurricane Irma and Holiday Trigger Lean Sales Volume

The Sarasota Real Estate Market suffered a considerable impact from many fewer business days in September as a result of both Hurricane Irma and the Labor Day holiday. Though September is typically a softer month than others throughout the year, when comparing sales to the same month last year, the area saw an 18.5% decline in closings. The Realtor Association of Sarasota and Manatee calculated that the region had 20% fewer business days compared to other months this year.

Despite the substantial decrease in number of units sold in the Sarasota Real Estate Market, condo sales dollar volume was just 2% behind last year, and single-family was 13.5% behind prior year. At the same time sales weakened, prices maintained their climb with single-family home prices growing 8.4% and condominiums up 11.2%.

With homeowners focused on hurricane preparations, evacuation plans, and eventual clean-up, significant business disruptions caused by loss of power and technology, need for re-inspections of homes under contract after the storm passed, and general angst not only caused sales to lag, but also new listings and pending contracts to be impacted. Single-family listings were almost 37% fewer than previous year and condos saw 18% less units come to market.

Current inventories of single-family homes and condominiums in the Sarasota Real Estate market are at the lowest levels in more than a year. Homeowners who were unable to get their properties listed in September will hopefully go forward with their plans to sell and help to restock our now tight supply.

Pending sales is one of our best forward looking indicators. In September new contracts signed were almost 30% behind last year. However, it is important to note that while this may affect sales in the next month or two, demand has not waned and those same buyers are still in the market for properties, so I do not expect future sales to fall measurably as a result of the hurricane.

Florida and Texas represent nearly 20% of all real estate sales each month, so with the states so severely impacted by Harvey and Irma, both August and September saw total U.S. sales slide. The National Association of Realtors reported that September inventory and pending sales nationwide also declined, likely attributable to the storms.

Looking at the whole of The Sarasota Real Estate Market and comparing to national and state data, the following are some of the key points that I assimilated from the many resources I review monthly.

Sales:

Total sales in The Sarasota Real Estate Market in September decreased by 143 sales to 769 from prior year, and decreased 224 sales from August.

Total dollar volume decreased $30.8 million from prior year and fell $89.3 million behind the prior month.

Single-family home sales in September of 529 were 106 less than a year ago and decreased by 196 sales from August.

Florida’s single-family sales fell 20.4% compared to last year.

U.S. sales also fell and were 1.2% below prior year.

Total number of condominium units sold of 240 in Sarasota in September was 13% lower than a year ago, and decreased by 28 sold properties from the prior month.

Florida condo sales were 15.9% lower than September 2016.

Condo sales nationally declined 3.2% compared to last September.

The 2016 monthly average of single family sales was 672, and for this year the monthly average is 679, an almost identical pace. For condos, the average monthly sales in 2016 were 308, and this year it is 325.

All cash sales in Sarasota continue to be strong with 40% of single-family and 56% of condo sales closed without a mortgage. This percentage consistently exceeds Florida and national cash sales trends.

Pending sales of 452 homes that went under contract during September decreased by 25% from the same month last year, which as noted earlier is a direct result of the large September storm.

Condominium pending sales were also significantly down with a 39% decrease in properties going under contract in September compared to prior year.

The monthly average of pending sales this year is 732 for houses vs. 725 in 2016, and 348 for condos vs. 334 in 2016.

U.S. pended sales fell 3.5% compared to prior year.

Florida’s pending sales saw a 30% drop in properties going under contract in September when compared to prior year, similar to what we experienced in our region.

Prices:

In September, Sarasota’s single-family homes were sold at a median price of $269,900 vs. $249,000 a year ago, 8% higher.

Florida median price for single-family homes was $239,900, a 7.6% increase over last year.

The national median price for homes was $246,800.

The median price in September for a NEW home in the U.S. was $319,700.

The 2016 monthly median price average for houses sold in Sarasota was $248,167 vs. this year it is $262,836.

Condominium median sale price was $220,000 in September, the 2017 monthly average is $221,449 vs. $209,058 as the 2016 monthly average.

Median price for a Florida condo last month was $173,000 an 8.1% increase over September 2016.

U.S. median condo price in September was $231,300.

The average sale price for houses in Sarasota was $353,869 in September vs. $340,938 a year ago.

The year’s monthly average price for houses sold in 2016 is $350,914 vs. $363,363 year to date.

Sarasota’s condominiums sold for an average price in September of $314,206 vs. $277,738 a year ago.

The 2016 monthly average price for sold condominiums was $330,575 vs. $314,206 this year.

Single-family homes sold at 95.7% of list price, and condominiums sold at 94.2% of the list price.

Inventory:

Total available inventory in the Sarasota Real Estate Market is close to the same from August and a year ago. Consistency of available inventory is a good indicator of a stable market.

Since January 1, 2017, inventory has fallen by 771 properties or 17%.

For single-family homes, Sarasota’s inventory has decreased by 521 properties since the beginning of 2017.

Condominium inventory in Sarasota has decreased by 250 properties since the beginning of the year.

The Realtor Association of Sarasota-Manatee reports that there are 3.7 months of single-family homes inventory and 4.5 month’s supply of condominiums, both under the 6-month level considered a balanced market.

Florida currently has 3.8 months of single-family inventory and 5.5 months of condominiums.

U.S. inventory of all housing types is reported to be at 4.2 months, 6.4% less than a year ago.

Sarasota County averaged 1,162 new listings per month in 2016 and this year the nine-month average is 1,227. In September only 759 listings came on the market, I am sure a direct result of the storm.

Currently there is available inventory of 3,824 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.

Homebuilders remain steadfast in their confidence that the market for newly built homes will continue to be strong. Though material and labor shortages exist and costs are rising, a recent survey by the National Association of Homebuilders indicated developers believe they can maintain their pace of building and deliver much needed new inventory to market.

A recent survey of more than 100 real estate experts, economists and market strategists also reflected sentiments of a very healthy housing market. They project a strong finish to 2017, sales increase in 2018 of more than 5%, and price increases of about 6% on the national stage. Over the next five years the same group expects national average home value appreciation to grow 3.6% annually and cumulative appreciation for homes of 18.4%

October activity in my business has been as strong as I can remember in recent years. A high level of activity from eager buyers and many new sellers give me confidence that in the season ahead the Sarasota Real Estate Market will continue this year’s pattern of sales and price growth.

If this is your time to sell or buy a new home or condominium, give me a call and let me help you achieve your real estate objectives.

The Moulton Sarasota Real Estate Report – July 2017

Summer Sales Show Further Market Growth

The Sarasota Real Estate Market managed to continue its growth pattern. July data exhibited that demand remains strong for the region, and it appears that the healthy conditions should allow for sustained growth in the months to come.

While many expect our summer selling season to be softer when compared to the peak tourist/part-time resident months, July closed sales are typically active, this year topping sales in the October 2016 thru February 2017 months. Properties that went under contract in July 2017 exceeded those of July 2016 by approximately 4%, so expectations are that the moderate sales growth over prior year will continue in the Sarasota Real Estate Market.

Inventory once again remained in the 4.5-month supply range, well enough below what economists view as a healthy balance of 6-month’s supply, so we are left with conditions that will continue to keep upward pressure on prices. Despite a steady flow of new listings in July, both single-family and condominium units for sale grew at their slowest pace for the year, and just barely replaced sold inventory for the month.

Median price growth in the Sarasota Real Estate Market is considered “sustainable” by market experts. Though prices have fluctuated month-to-month, escalation year-over-year has been moderate and appears to be at a pace that reflects soundness in the housing market here.

The “affordable” tier of our regional market still shows few signs of easing inventory scarcity, making it difficult for our young families and workforce to achieve homeownership. With new homes coming to market generally priced more than 30% above existing homes, it doesn’t appear these conditions will improve in the short-term.

At the other end of the Sarasota Real Estate Market where most of my business is done, above $1 million, new listings fell just short of sales for the month, though still leaving us with a fair inventory of luxury properties for sale. I am aware of a number of prospective existing home and condominium owners contemplating bringing their luxury properties to market this fall. As a result, expect to see supply expand in the next few months, creating some competition for inventory that has been on the market for a while.

July sales of luxury properties in the Sarasota Real Estate Market grew considerably over 2016 – well in excess of 80%, but it is also important to note that total number of $1 million and above units sold last month was only 50. There are currently 571 $1 million+ properties for sale in the Sarasota Real Estate Market. The Sarasota media helps us celebrate when one of these prized properties changes hands by featuring them in their publications and broadcasts, but showing you this variance between inventory and number of sales highlights just how exceptional – and rare – each one of these transactions is.

Looking at the whole of The Sarasota Real Estate Market and comparing to national and state data, the following are some of the key points that I assimilated from the many resources I review monthly:

Sales:

Total sales in The Sarasota Real Estate Market in July increased by 54 sales to 989 from prior year, and decreased 14% from June.

Total dollar volume increased $44.6 million over prior year and fell $60.4 million behind last month.

Single-family home sales in July of 683 were 3 sales more than a year ago and decreased by 102 sales from June.

Florida’s single-family sales grew 3.3% compared to last year.

U.S. sales were up just 1.7% from prior year.

Total number of condominium units sold of 306 in Sarasota in July was 20% higher than a year ago, and decreased by 64 sold properties from the prior month.

Florida condo sales were 3.6% higher than July 2016.

Condo sales nationally grew 5.3% over last July.

The 2016 monthly average of single family sales was 653, and for this year the monthly average is 694. For condos, the average monthly sales in 2016 were 301, and this year it is 346.

All cash sales in Sarasota continue to be strong with 33% of single-family and 60% of condos sales closed without a mortgage. This percentage consistently exceeds Florida and national cash sales trends.

Pending sales of 703 homes that went under contract during July increased by 7% over the same month last year.

Condominium pending sales were impressive with a 20% increase in properties going under contract in July over prior year, racking up a total of 306 units. This statistic is very helpful in projecting sales growth in the 30-60 days ahead.

The monthly average of pending sales this year is 774 for houses vs. 649 in 2016, and 377 for condos vs. 298 in 2016.

U.S. pended sales fell 1.3% compared to prior year.

Florida’s pending sales saw an approximately 3% increase in properties going under contract in July when compared to prior year.

Prices:

In July, Sarasota’s single-family homes were sold at a median price of $260,000 vs. $242,500 a year ago, 7% higher.

Florida median price for single-family homes was $240,000, a 7.1% increase over last year.

The national median price for homes was $260,600, a 6.3% increase over prior year.

The median price in July for a NEW home in the U.S. was $313,700, 6.3% higher than a year ago.

The 2016 monthly median price average for houses sold in Sarasota was $249,867 vs. this year it is $262,937.

Condominium median sale price was $214,175 in July, the 2017 monthly average is $222,789 vs. $207,892 as the 2016 monthly average.

Median price for a Florida condo last month was $170,950 a 6.8% increase over July 2016.

U.S. median condo price in July was $239,800, a 5.3% increase.

The average sale price for houses in Sarasota was $373,959 in July vs. $335,617 a year ago.

The year’s monthly average price for houses sold in 2016 is $346,008 vs. $364,667 year to date.

Sarasota’s condominiums sold for an average price in July of $327,912 vs. $325,238 a year ago.

The 2016 monthly average price for sold condominiums was $325,549 vs. $345,475 this year.

Single-family homes sold at 95.2% of list price, and condominiums sold at 94.1% of the list price.

Inventory:

Total available inventory in the Sarasota Real Estate Market decreased by 168 properties from June and grew by 242 properties or 6% from a year ago.

Since January 1, 2017, inventory has fallen 9.2%.

For single-family homes, Sarasota’s inventory has decreased by 227 properties since the beginning of 2017.

Condominium inventory in Sarasota has decreased by 196 properties since the beginning of the year.

The Realtor Association of Sarasota-Manatee reports that there are 4.1 months of single-family homes inventory and 4.6 month’s supply of condominiums, basically a balanced market.

Florida currently has 4.1 months of single-family inventory and 5.8 months of condominiums.

U.S. inventory of all housing types is reported to be at 4.2 months, 9% less than a year ago.

Sarasota County averaged 1,260 new listings per month in 2016 and this year the seven-month average is 1,312. In July 1,067 listings came on the market.

Currently there is available inventory of 4,172 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.

As we look back at the July 2017 data, I maintain my confidence that the Sarasota Real Estate Market is positioned well to extend its stretch of healthy balanced conditions and sustained growth.

The Moulton Sarasota Real Estate Report – June 2017

Housing Market Continued Upward Course

The Sarasota Real Estate Market marked yet another month of growth in June 2017. Though moderate, our region has been able to sustain its momentum while other markets in Florida and nationally are tending to less constancy in sales, prices and inventory. Last year’s inventory replenishment set Sarasota’s housing market on a course that has allowed for sustained equilibrium, which has contributed to prolonged growth.

April and May’s improvement in pending sales, compared to the same months in 2016, led us to expect a rise in closed transactions in June. The most notable increase was in the Sarasota condominium segment, with a nearly 5% increase in sales in the month compared to last year. Interestingly, as inventory inched up over the last few months, prices for condominiums have been stabilizing, and the gap between list and sale price has widened slightly, from a high of 95.5% of list price at 12/31/16 to 93.2% last month.

Closed sales of Sarasota Real Estate in June saw the largest growth in the price tiers greater than $600,000. Single-family homes in the higher price points grew 33% and condominiums approximately 19%. This is likely due to the fact that lower priced inventory is so thin, that buyers in those segments simply cannot find properties in their preferred locations and within their budgets.

June’s new listings in the Sarasota Real Estate Market’s single-family segment fell slightly when compared to 2016, while condominium new listings increased more significantly. With an average of around 660 homes sold each month, the growth in inventory that we saw in June is still not equaling the number of sold properties. New listings of condominiums grew by 50 more units compared to last year’s new listings for the month, but that is not quite keeping up with the region’s average monthly condo sales. With current inventory at about 4.3 months for single-family homes and condominiums at a 4.8 month supply, we seem to have inched back away from the near-equilibrium that we saw a few months ago.

Real Estate analysts and economists believe that the national housing market is still in a growth phase, likely resulting from consumer confidence related to job and wage growth, the increase in GDP, continued stabilization of mortgage rates, and especially homeowner equity gains. Experts are projecting these conditions to remain stable, and in turn see ongoing market strength through the months ahead.

Looking at the whole of The Sarasota Real Estate Market and comparing to national and state data, the following are some of the key points that I assimilated from the many resources I review monthly:

Sales:

Total sales in The Sarasota Real Estate Market in June decreased by just 11 sales from prior year, and decreased 7% from May.

Total dollar volume increased $17 million over prior year and fell $12 million behind last month.

Single-family home sales in June of 785 were 6 sales less than a year ago and decreased by 37 sales from May.

Florida’s single-family sales grew 4.3% compared to last year.

U.S. sales were up just 0.6% from prior year.

Total number of condominium units sold of 370 in Sarasota in June was almost 5% higher than a year ago, and decreased by 55 sold properties from the prior month.

Florida condo sales were 4.9% higher than June 2016.

Condo sales nationally grew only 1.6% over last June.

The 2016 monthly average of single family sales was 653, and for this year the monthly average is 696. For condos, the average monthly sales in 2016 were 301, and this year it is 352.

All cash sales in Sarasota continue to be strong with 38% of single-family and 64% of condos sales were closed without a mortgage. This percentage consistently exceeds Florida and national cash sales trends.

Pending sales of 741 homes that went under contract during June increased by 6.2% over the same month last year.

Condominium pending sales were impressive with a 36% increase in properties going under contract in June over prior year, racking up a total of 346 units. This statistic is very helpful in projecting sales growth in the 30-60 days ahead.

The monthly average of pending sales this year is 786 for houses vs. 760 in 2016, and 392 for condos vs. 353 in 2016.

U.S. pending sales were up just 0.5% compared to prior year.

Florida’s pending sales saw an approximately 3.5% increase in properties going under contract in June when compared to prior year.

Median time from listing to sale has inched higher in the last several months, now nearly 10% longer than last year at this time.

Prices:

In June, Sarasota’s single-family homes were sold at a median price of $275,000 vs. $248,000 a year ago, nearly 11% higher.

Florida median price for single-family homes was $245,000, an 8.9% increase over last year.

The national median price for homes was $266,200, a 6.6% increase over prior year.

The median price in June for a NEW home in the U.S. was $310,800 – 17% more than an existing home.

The 2016 monthly median price average for houses sold in Sarasota was $249,867 vs. this year it is $262,937.

Condominium median sale price was $215,500 in June, the 2017 monthly average is $224,224 vs. $209,429 as the 2016 monthly average.

Median price for a Florida condo last month was $176,820, a 7.2% increase over June 2016.

U.S. median condo price in June was $245,900, a 6.5% increase.

The average sale price for houses in Sarasota was $359,226 in June vs. $334,481 a year ago.

The year’s monthly average price for houses sold in 2016 is $346,008 vs. $363,118 year to date.

Sarasota’s condominiums sold for an average price in June of $362,344 vs. $379,877 a year ago.

The 2016 monthly average price for sold condominiums was $325,549 vs. $348,402 this year.

Single-family homes sold at 95% of list price, and condominiums sold at 93.2% of the list price.

Inventory:

Total available inventory in the Sarasota Real Estate Market decreased by approximately 130 properties from May and grew by 330 properties or 11% from a year ago.

Since January 1, 2017, inventory has fallen 5.5%.

For single-family homes, Sarasota’s inventory has decreased by 100 properties since the beginning of 2017.

Condominium inventory in Sarasota has decreased by 155 properties since the beginning of the year.

The Realtor Association of Sarasota-Manatee reports that there are 4.3 months of single-family homes inventory and 4.8 month’s supply of condominiums, basically a balanced market.

Florida currently has 4.9 months of single-family inventory and 5.8 months of condominiums.

U.S. inventory of all housing types is reported to be at 4.3 months, and has decreased now for 25 months in a row.

Sarasota County averaged 1,260 new listings per month in 2016, about the same monthly average as 2015, and this year the six-month average is 1,353. In June 1,132 listings came on the market.

Currently there is available inventory of 4,340 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.

New home building nationally is still lagging behind historical trends when compared to population growth. Lack of skilled labor and increased costs of development – both related to supplies and regulations – has kept construction well below demand, and below what is needed to help the country’s housing inventory reach a better inventory equilibrium.

It comes as no surprise to my readers that The Sarasota Real Estate Market is heavily influenced by foreign market interest. And on a national scale, Florida continues to be in the top spot for foreign buyer interest, with nearly 25% of all transactions taking place in our fine state. Canadian buyers are the leading source of foreign buyers in Florida.

Though the value of the dollar my make some take pause, the fact that real estate prices have escalated at such explosive rates in certain areas of Canada, buyers are feeling they have the equity in their primary residence to consider investing in U.S. real estate. In general, our key international feeder markets still consider the U.S. and especially Florida, a secure place to invest, despite political and economic factors here and abroad.

The National Association of Realtors just released a report showing that in the 12-months ended March 30, more than $153 Billion of properties were acquired by foreign nationals and recent immigrants, a 49% increase over the year prior. Also noted in the report was that the median price paid by a foreign buyer is 28% higher than a U.S. buyer.

Michael Saunders & Co. has been at the forefront of establishing international affiliations, and this serves our clients well. Michael Saunders herself travels many months of the year nurturing these relationships, while at the same time building our brand visibility through speaking engagements and event sponsorships. Having the depth and breadth of relationships around the globe is one of the most valuable resources we luxury Sarasota Real Estate agents have at Michael Saunders.

Summer selling season in the Sarasota Real Estate Market is powered in part by the broad appeal our region has to the international buyer. With the reach that Michael Saunders & Co. has, our sellers often have a considerable advantage in marketing their properties. For example, one of my listings was featured this month on the home page of Luxury Portfolio International’s website. Properties appearing on their site are said to reach 10 times more qualified buyers, as they have 250,000 visitors to their site from more than 200 countries/territories around the world each month.

As we are at the height of our international visitor season here in Sarasota, and with the pace of pending contracts continuing to grow over prior year each month, I am projecting that in the months ahead The Sarasota Real Estate Market will maintain its steady upward course.

It is always my pleasure to work with friends and family of my valued newsletter readers. Please let me know if you hear of someone seeking to buy or sell a property in our community – you know you can count on me!

This Month’s Featured Listing:

What Drives the Affluent Homebuyer?

As a Luxury Real Estate Broker/Associate with Michael Saunders & Company I have the privilege of also being an Associate of several carefully curated relationships with international luxury real estate marketing partners. One such group is Luxury Portfolio International, which offers marketing benefits including the opportunity for my listings to have an extended reach through the most prestigious luxury global real estate agents. Along with the marketing benefits, I am also invited to exclusive events and presentations that sometimes only an élite group are offered to participate in.

Two weeks ago Luxury Portfolio International held its annual conference in Miami, which I was fortunate to have been invited to attend. Luxury Portfolio is a division of Leading Real Estate Companies of the World – known as the premier network of the world’s most powerful independent brokerages. Luxury portfolio is where the highest global net-worth buyers are introduced to some of the world’s finest listings, including many represented by Michael Saunders & Co. associates such as myself.

Recently Luxury Portfolio released an excellent white paper on the traits and objectives of “The Affluent Homebuyer.” Together with several qualified partners, the top 10% of consumers in 14 countries were surveyed for learning about affluent homebuyer trends and proclivities. In all, more than 5,000 worldwide interviews were conducted including more than 1,000 million-dollar homebuyers, and along with data provided by a variety of organizations, Luxury Portfolio presented an insightful report on this important group of prospective buyers.

At our Miami conference many of the points raised in the report were shared and discussed in-depth. The full report is attached HERE, as a benefit to my loyal subscribers. After reading it, I would be delighted to hear from any readers who have thoughts and comments about the findings.

Having a better understanding of this important tier of homebuyers is extremely important in the Sarasota Real Estate Market, as this price grouping is a considerable part of our regional housing market. While the majority of my business is in the greater than $1 million domain, what I found interesting in the report, is how reflective the findings are on the mid-price tier, as well. So for those not at the top of the market, I believe this is an interesting read for all.

One of the quotes in the report says, “More and more, the affluent today want something new and different and the once strong push to find ‘the right products’ is giving was to a search for something deeper, unique and more meaningful.” This sounded to me like virtually all of the clients I am working with – whether it’s the new property they are searching for, or in conversations about travel preferences and experiences, favorite consumer products and even the automobiles they drive.

As evidenced by the Sarasota Real Estate Market’s consistent strong price growth, especially at the luxury level. Our region continues to attract buyers who see us as not only more desirable geographically than other cities, but also our rich culture, active lifestyle, family-friendly community, philanthropic spirit and several other motivations.

Many thanks to Michael Saunders for recognizing the importance of these prized global affiliations and for bringing Sarasota into the global spotlight through Luxury Portfolio International and Leading Real Estate Companies of the World.

I cannot thank you enough for all your expertise, time and efforts extended to me in putting my property quickly under contract, Recommending you to future clients would be my privilege!

Elaine

From your recommendations on market properties and patience with our long process of identifying a suitable home that would meet our particular needs, to your great communications with us and attention to the details of finalizing the transaction, your services have been nothing less than excellent.

Brian and Debra Sauers

We appreciate all your aid for us in selling our Bird Key home. We were fortunate to have you as our realtor, and will highly recommend you to others.

Evelyn Morfee

My husband and I considered ourselves very fortunate when referred to Michael Moulton. Michael listened to each and every detail and performed beyond our expectations. Everything went seamlessly from touring homes and properties to the purchase of our retirement property. We would recommend Michael to anyone wanting expert advice in purchasing real estate.

Karen

Michael acted as our Sellers’ broker for my deceased mother-in-law’s estate. We just closed the sale for $2.5 mm. I am a retired attorney and have worked with R.E. brokers and on real estate matters many times. I generally have a somewhat jaded view about the value provided by commissioned brokers. Michael overcame my biases and completely earned the trust and appreciation of my wife and I. He was easy to work with, responsive and knew the market and best practices. We really appreciated that he was not “pushy” and we also liked his dry sense of humor. I will recommend him to any friends who need a broker in the Sarasota area in the future.

Mike VanSicklen

Professional through and through. Honest and sincere.

Jeff Azpell

He is very important to us as we are seeking a new residence. He knows the area well and has answered all our questions. We are grateful for all our visits and we will come again.

Constantine Mavroudis

I have only good things to say of Michael. He listened to my remarks and professionally and patiently gave choices which led to a purchase of a home that I really could enjoy. I would volunteer Michael’s name to anyone who is looking for real estate!

Mary Lee

Michael’s thorough knowledge of the Sarasota/Longboat Key markets and ability to quickly understand our needs meant that our time together was efficient and productive. His expertise helped us to negotiate a fair price and his follow through was excellent. We are delighted with our decision to purchase our new condominium and look forward to many happy years there, thanks to Michael’s time, effort, and professionalism.

Kate and Peter

Thank you for the superb job you did on the sale of our condo, and for the wonderful cooperation and patience you exhibited for both us as sellers and the buyers. We would highly and happily recommend you as a salesman to anyone looking for residential property on Longboat Key or in the Sarasota area.

Raymond and Martha Wile

We appreciated the exceptional and professional courtesies you warmly extended along the way to making our dream a reality.

Ann and Don Kelly

Mr. Moulton’s optimism and positive attitude were very encouraging to us during the entire time. I have never had such an outstanding experience with a realtor during the many transactions we have had over 30 years.

Amy

Michael has represented us in a number of transactions, primarily buying and selling condominium properties, and has helped to enrich our bottom line. His knowledge of the market and professionalism are second to none. He is patient, detailed, savvy, and a pleasure to work with and will always be our go-to realtor in Sarasota.

Margaret and Jeff

Thank you for your tireless efforts in getting my Dad’s house sold. You are a special person and I will always remember the role you played as I transitioned into my “next chapter.”

Lisa

We want to personally thank you for you work on helping us buy and sell in Longboat Key. Both transactions were complicated, but you really helped us get a great result across the board. Your advice was on point and timely, and we are happy with the outcomes. Thanks again for your effort; we both really appreciate the TLC.

Mary and David

You did an excellent job of marketing our home sale on Casey Key. You conduct yourself as a gentleman and business professional at all times in every situation. We always recommend you to all our friends and business associates.

George

Many thanks! You are to be commended for the fine job you did moving Mom’s home from listing to closing. It was a pleasure to work with you. I will gladly send referrals your way.

Gail

Your professionalism made the searching bargaining and closing processes seamless.

Sandy and Mike

You have been so on the ball, so helpful, so delightful to work with that I would unhesitatingly recommend you to anyone and everyone looking to buy or sell property in Sarasota.

Sara

You were a pleasure to work with and gave us a great education on the real estate market in this area.

Richard

It is no wonder the Michael Saunders & Company is so successful – your attention to detail, communication and follow-thru are exemplary.

Jim and Sherry

We would like to relay to you how impressed we were…professionalism, courteousness and friendly feeling were very gratifying.

Grace

I just wanted to drop you a line thanking you for handling the sale of our condominium at the Ritz-Carlton Towers. Your persistent showing of the unit and your attention to the details were a great help in selling the apartment.

Stephanie and Marvin

Just a note to say thanks for helping us sell our condo. We so much appreciate all your attention and help.

Laura, Eve and Curtis

Just wanted to say thanks so very much for all your hard work on our latest project. We/I really appreciate it; couldn’t have happened without you.

Christine

Now that the deed is done, Judy and I would be remiss if we did not convey our appreciation for your truly outstanding efforts in helping us sell our condo. Perhaps more important was your friendship and “hand-holding” over the months.

Judy

Fran and I would like to commend you on the professional handling of the listing and sale of our property. We especially appreciate the regular reports on showings. We look forward to working with you in the future.

W.R.K.

What is most appreciated is your kind, attentive and professional approach to helping us find the perfect condo – we are so happy with our new apartment.

Lois and Stewart

I want to thank you for assisting in the sale of my apartment. You and your team did a fine job, especially with the servicing of my apartment in my absence.

Shirley

We look at this as a gift from our friend, not just someone who just helped us buy a home.

John and Robin

Michael is an outstanding professional in every way. He is honest, smart, hard working, knowledgeable, experienced, thorough, thoughtful, and an excellent listener.